Report: Raleigh real estate market is slowing

0
36

title=

A Zillow-owned home for sale in Raleigh on Tuesday, November 2, 2021.

News and columnist

Raleigh’s real estate market is cooling at one of the fastest rates in the country, reports say a new Redfin report.

Almost all other cities in which the Red Feathers are defined as the fastest cooling are located on the west coast.

Raleigh buyers have more homes to choose from, take longer to sell, and prices are much lower than last year. the report shows.

“The housing market has changed very quickly in favor of buyers,” Las Vegas Redfin agent Tzahi Arbeli said in the report.

“Not only have prices fallen in recent months, but sellers are seeing the market cool and are more open to price negotiations, concessions and paying closing costs. They can accept an offer that is $20,000 below the asking price and pay for repairs the buyer finds during the inspection,” it said.

Raleigh is the 12th fastest-cooling US housing market in 2022. Seattle took first place.

The ranking in the 20-point report is based on changes in annual housing market statistics between February and August 2022.

Here are Raleigh housing market statistics, according to Redfin:

  • Average selling price: $435,000

  • Change in cost per square foot: a decrease of 10.7 points compared to last year.

  • Change in inventory: an increase of 59.8 points compared to last year.

  • Change in falling prices: an increase of 29.9 points compared to last year.

  • Change in pending sales: a decrease of 6.4 points compared to last year.

  • Change in the ratio of sales to listings: a decrease of 6.4 points compared to last year.

  • Change in share of non-market homes over two weeks: a decrease of 22.8 points compared to last year.

Here are the 12 fastest-cooling U.S. housing markets, according to Redfin:

1. Seattle, Washington

2. Las Vegas, Nevada

3. San Jose, California

4. San Diego, California

5. Sacramento, California (tied with Denver)

6. Denver, Colorado (tied with Sacramento)

7. Phoenix, Arizona

8. Oakland, California

9. North Port, Florida

10. Tacoma, Washington

11. Austin, Texas

12. Raleigh, North Carolina

(Source: redfin.com)

Average home prices in Raleigh

Data from Redfin shows that median home prices in Raleigh are significantly lower than they were earlier this year.

• The median home price in Raleigh was $470,000 by the end of July, it is the highest price in 2022.

• The median home price in Raleigh was $380,000 at the very beginning of the year, the lowest price of 2022.

• The median home price in Raleigh, as of early September, was $410,000. That’s almost 9% above the 2022 low, but almost 13% below the high.

Ask N&O

Have a question you want answered? Or maybe you’d like to share a tip or story idea? The News & Observer Service journalism team wants to hear from you. To get useful and practical information from our staff, contact us by phone sending questions to our form or by sending an email to ask@newsobserver.com.

Similar stories from the Raleigh News & Observer

Kimberly Catadella (she/her) is a reporter for The News & Observer.



Report: Raleigh real estate market is slowing

Source link Report: Raleigh real estate market is slowing